Kuwait’s Jazeera Airways to hike capital by 91%

11 Apr 2010

(MENAFN) A statement released by Jazeera Airways said that the Kuwait-based carrier is planning to raise its capital by 91 percent through a rights issue, Reuters reported

The low-cost airline’s board has decided to recommend to shareholders a $69.28 million capital hike by selling additional 200 million shares, it said in a statement to the Kuwaiti bourse.

The airline said in February it has fully acquired Sahab Aircraft Leasing Co., a leasing firm lunched in 2008, for $88.6 million.

The firm’s chief executive said in January that it was eyeing acquisitions in the Middle East. Jazeera, which competes with United Arab Emirates-based carriers Air Arabia and flydubai, has a firm order for 29 Airbus A320 aircraft and currently operates 11 planes across the Middle East and Egypt.

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